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ASX 200 midday update: Kogan crashes, Nanosonics rockets

It has been another eventful day on the ASX 200…
The post ASX 200 midday update: Kogan crashes, Nanosonics rockets appeared first on The Motley Fool Australia. –

At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is pushing higher. The benchmark index is currently up 0.25% to 7,510.3 points.

Here’s what is happening on the ASX 200 today:

Kogan share price crashes

The Kogan.com Ltd (ASX: KGN) share price is being crushed on Tuesday following the release of its full year results. For the 12 months ended 30 June, the ecommerce company reported gross sales growth of 52.7% to $1,179 million but an 86.8% decline in net profit after tax to $3.5 million. The latter was driven by inventory issues and led to Kogan pausing its dividends. Looking ahead, July wasn’t much better, with the company reporting a small increase in gross sales and an 80% reduction in EBITDA.

Nanosonics share price rockets

The Nanosonics Ltd (ASX: NAN) share price is rocketing higher today following the release of its full year results. For the 12 months ended 30 June, the infection prevention specialist reported a 3% increase in revenue to $103.1 million and a 15% decline in net profit after tax to $8.6 million. This was better than the market was expecting and driven by a significant second half recovery. During the second half, the company’s revenue increased 39% on the first half. Looking ahead, management is guiding to double-digit revenue growth in FY 2022 if trading conditions remain consistent.

SEEK results

The SEEK Limited (ASX: SEK) share price is edging lower today after it delivered a full year result just a touch short of expectations. In FY 2021, SEEK’s revenue increased 1% to $1,591 and its EBITDA rose 15% to $474 million. The latter compares to SEEK’s guidance of $480 million and the market consensus estimate of $487 million.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Nanosonics share price with an 18% gain following its results release. The worst performer has been the Monadelphous Group Limited (ASX: MND) share price with a 15% decline. This morning the engineering company released its full year results and warned that FY 2022 would be challenging.

The post ASX 200 midday update: Kogan crashes, Nanosonics rockets appeared first on The Motley Fool Australia.

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More reading

FY 2021 results: Monadelphous (ASX:MND) share price crashes 14% on subdued outlook
Nanosonics (ASX:NAN) share price soars 17% on ‘significant recovery’
Kogan (ASX:KGN) share price sinks 8% after FY21 results and weak start to FY22
SEEK (ASX:SEK) share price on watch as revenue falls flat
5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Kogan.com ltd and Nanosonics Limited. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd and Nanosonics Limited. The Motley Fool Australia has recommended SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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